国资重组+“反内卷”双轮驱动，建材ETF（159745）猛吸金

Core Viewpoint - The construction and building materials industry is undergoing a significant restructuring and value reassessment driven by the deepening "anti-involution" policies, accelerated state-owned enterprise (SOE) restructuring, and improving expectations in the real estate chain [1] Group 1: Policy Environment - The strategic restructuring of SOEs aims to merge similar entities and reduce homogeneous competition among construction SOEs, while the "anti-involution" policy promotes supply-side reforms in traditional building materials, enhancing industry concentration and optimizing competition [3] - The State-owned Assets Supervision and Administration Commission (SASAC) has indicated a strong push for strategic and professional restructuring of SOEs, which is expected to reduce internal competition and enhance overall profitability [3] - The implementation of the "anti-involution" policy has led to significant production capacity adjustments in the cement industry, with over 280 clinker production lines replaced and 150 million tons of outdated capacity withdrawn annually, creating a foundation for industry profitability recovery [3] Group 2: Industry Structure - Traditional building materials leaders are expected to benefit from supply clearing and cost transmission, leading to a recovery in profitability, while new materials serving sectors like renewable energy and AI are experiencing independent growth [4] - In the traditional sector, leading companies in waterproof materials and cement are expected to consolidate their market positions and improve profitability due to their strong pricing power amid rising raw material costs [4] - New materials, such as electronic-grade fiberglass, are positioned for growth driven by demand from consumer electronics, electric vehicles, and AI servers, indicating a clear second growth curve for the industry [4] Group 3: Demand Side - Although long-term population trends may pressure overall construction demand, short-term real estate policies are expected to stabilize demand for building materials, particularly in the consumer segment [5][6] - Recent signals from policy levels have indicated a recovery in the second-hand housing market, which is expected to stabilize demand for construction materials [6] - New demands from urban renewal and major national projects are anticipated to provide additional growth opportunities for the construction materials sector [6] Group 4: Supply Side - Rising prices of upstream raw materials are prompting certain segments of the building materials industry to initiate a price increase cycle, benefiting leading companies with pricing power [7][8] - The transition to green and intelligent production is becoming a new industry standard, raising entry barriers and investment costs, which may favor stronger companies capable of upgrading [8] Group 5: Investment Strategy - The construction materials sector is diverse, and investing through the building materials ETF (159745) allows for efficient exposure to leading companies across the entire industry chain [9][10] - The ETF tracks the CSI All-Share Construction Materials Index, providing balanced exposure to key sub-sectors and benefiting from both traditional sector recovery and new material growth [10] - The current period of industry transformation presents a unique opportunity for investors to capitalize on the shift from disordered expansion to a more optimized and concentrated market structure [10]